Southern California bankruptcy attorney relates the story of the character played by Ben Affleck in the film, The Company Men, to average men and women facing the loss of a job
Ben Affleck, a native of our own California, recently starred in The Company Men, alongside Tommy Lee Jones, Chris Cooper, and Kevin Costner. The film tells the stories of three men named Bobby Walker (Ben Affleck), Gene McClary (Tommy Lee Jones), and Phil Woodward (Chris Cooper) who are businessmen at the GTX Corporation but lose their jobs due to corporate downsizing. The drama is meant to reflect the economical state the US was going through in the late 2000s.
In the film, Bobby Walker discovers the hardships of losing his six-figure job. Walker’s golf club membership is canceled, and he is forced to sell his house–located in the beautiful suburbs–and his new Porsche. Unable to find work anywhere else, Walker reluctantly turns to the house building job his brother-in-law, Jack (Kevin Costner), offers him. The film accurately portrays the struggle that many Americans go through when they find themselves unexpectedly unemployed.
Walker, fortunately, was able to get back on his feet in the end thanks to help from his family. For people who cannot catch a break as Walker did, bankruptcy attorney David Lozano offers his services! The Law Offices of David Lozano can help you cope with the loss of a job and prevent foreclosure! Had Walker gone to a bankruptcy lawyer, he may have been able to keep his home and Porsche! Contact me or visit one of our Lancaster, West Covina, or Ontario locations for a free consultation!
Wondering what to do about the home when going through divorce and bankruptcy? (Los Angeles attorney David Lozano offers his help to divorced couples!)
Not too long ago I wrote about how divorce is one of the three leading causes of bankruptcy–along with medical bills and the loss of a job–in Wondering what you should do when dealing with divorce as well as bankruptcy? (Los Angeles attorney David Lozano offers his advice!) And earlier in the year I wrote a blog entitled, Does filing bankruptcy lead to divorce? Today I’d like to discuss situations that may arise when going through divorce and bankruptcy.
Married couples who are considering or have already gotten a divorce sometimes find themselves in a fix when it comes to what to do about the home. Oftentimes neither spouse can afford to keep the house or apartment on their own. In cases like this, couples may end up living together out of necessity, staying at opposite corners of the house or on separate floors as much as possible. Couples will even try to avoid filing bankruptcy by putting their home up for sale, hoping to make enough money to pay off the mortgage, so that they can buy new homes. Many times the couple is forced to dramatically lower the price of the home to avoid foreclosure, even settling for a price far below the retail value.
In a situation like this, I urge couples to contact me or visit one of our Lancaster, Ontario, or West Covina office locations for a free consultation! With the help of a bankruptcy attorney, the couple may have better luck getting the house sold at a fair price or keeping the house, if they so desire!
A while back there was an article in a Sapurstein & Associates newsletter about a tax ruling concerning the tax deduction for a mortgage that centered around a couple and their son. After filing for bankruptcy some months prior, the couple was looking to take out a mortgage but didn’t qualify due to their credit. Since the couple was still rebuilding their credit score, their son took out the mortgage using his credit score.
Everything went smoothly, but when tax time rolled around the question became who should receive the tax deduction for the mortgage? Although the mortgage was under the son’s name, his parents were the ones actually living in the house, making the mortgage payments, and maintaining the house. The tax court finally ruled that the parents were the equitable owners and gave them the tax deduction.
I am always happy to see things work out for people who have gone through bankruptcy. It is stories like this one that reinforce what I tell my clients everyday–bankruptcy is a new beginning! Although there may be a few stumbling blocks along the way, small setback can be overcome! Contact me for a free consultation and get started on your own new beginning!
Wondering what you should do when dealing with divorce as well as bankruptcy? (Los Angeles attorney David Lozano offers his advice!)
Along with the loss of a job and medical bills, divorce is one of the most common contributing factors that lead to bankruptcy. Divorce settlements don’t always leave one or both parties with enough to sustain themselves. Many times people are left without a house or car and are sometimes required to pay for child support or alimony.
When it comes to filing bankruptcy due to divorce, there are a few tips you should keep in mind. Only existing debt that has been incurred prior to filing is affected by the bankruptcy claim. So if the divorce hasn’t been finalized, you will be held responsible for all expenses that come up after filing bankruptcy. Another fact to be aware of is that some payments will not be eliminated by filing bankruptcy, such as child support or alimony. On the flip side, if you are receiving child support or alimony, that money is typically exempt from the bankruptcy process!
Bankruptcy is difficult enough without having to worry about divorce litigations on top of that. Should this happen, however, you can rest assured that David Lozano will get you through the bankruptcy process as smoothly as possible! Contact me for a free consultation!
To the IRS and many collection agencies, to forgive debt means that while you don’t have to repay the debt, there is a possibility that you will still owe income tax on it! In bankruptcy, having debt discharged means that you are exempt from having to pay all or part of the debt you owe–depending on the type of bankruptcy claim you file. The whole point of bankruptcy is to give people a second chance and a fresh start!
Coming to terms with your debt is difficult thing to do. Many clients come into my office thinking they could have done something differently to avoid bankruptcy. But in most cases the circumstances that lead to debt are beyond your control, such as the loss of a job or unexpected medical bills!
Although collection agencies may have a somewhat distorted view of what forgiveness is, they are on the right track in their terminology! Friends, family members, and employers need to show forgiveness to people who are in debt or filing bankruptcy. More importantly though, you need to be able to forgive yourself! You cannot blame yourself or let others place the blame on you. Contact me for a free consultation. By filing bankruptcy you are doing the responsible thing by taking charge of the situation!
Don’t go down with the ship! (Los Angeles bankruptcy attorney David Lozano helps business owners navigate business bankruptcy!)
Owning a business is not a task to be taken lightly, as any business owner will tell you. Business owners must have integrity, dedication, discipline, and a good head on his or her shoulders! Part of having a good head on your shoulders is recognizing when the business is drifting into troubled waters and knowing what to do about it.
There are steps that business owners can take to get the company through a rough patch. When times are slow and the cash reserve is starting to run dry, the key to preserving the business is to prioritize and negotiate! Business owners must reevaluate the company’s finances and make adjustments while making sure to stay current on taxes and utility bills. Business owners must also talk to their suppliers and creditors to negotiate payment strategies. The important thing is to not fall behind because that is a slippery slope that can often lead to staggering debt!
Of equal importance is maintaining your integrity despite your struggles! Don’t try to gloss over details when trying to take out a loan or surreptitiously give away assets to squeak by. The consequences of such actions will come back to haunt you! You don’t want to have to deal with accusations of fraud on top of everything else!
The hard truth is that sometimes, despite all their efforts, business owners simply cannot put the business back on track on their own. When that happens, contact the Law Offices of David Lozano for a free consultation! I will lend all my professional expertise to evaluating your business’ financial situation. And, if it comes down to filing business bankruptcy, you will be in the best of hands! My topmost concern is helping you steer your finances back on the right course!
Business owners often devote a full 40-hour work week to managing their business. This simply goes with the territory of owning a company, but I’ve found small business owners go a step further. They spend more than the allotted 40 hours a week making sure every project and final piece of paperwork is in order, down to the last minute detail!
Many small business owners will cancel or reschedule personal plans when a situation at work arises that needs their immediate attention. In fact, a small business owner’s personal life and business affairs are usually so entwined it is hard to tell where one ends and the other begins.
It is in cases like these–when the business is not a corporation, partnership, or a limited liability company (LLC)— that it falls on the owner to file bankruptcy if the business is in danger of going under. It is also important to understand that filing Chapter 7 or Chapter 13 for a business is different than filing personal bankruptcy.
In Chapter 7 business bankruptcy, ownership of the business is transferred to the bankruptcy lawyer, who is responsible for ceasing operations and liquidating the business’ assets with the proceeds going to the creditors. Chapter 13 business bankruptcy gives the owner more time to sell assets. The benefit of this is that the owner may be able to sell the assets for a better deal than what the assets would be sold for with Chapter 7 business bankruptcy.
When small business owners must file business bankruptcy it can seem like asking the owner to give up an arm or a leg. I know how attached small business owners can be to their company, and I do everything in my power to ease the process. Contact me for a free consultation to determine what needs to be done for your small business!
To cope with the current state of our economy people will often take on extra shifts at work or cut back on frivolous spending. But what about individuals who are retired and their frivolous spending consists solely of buying the grandkids holiday and birthday gifts? That’s right, I’m talking about generous Grandmas and Grandpas here!
The elderly are struggling with debt just as much as the rest of society. A common assumption has been that social security and a good 401(k) plan will be enough to support the elderly after retirement. What I’ve seen happening more and more frequently, however, is elderly folks dipping into their savings for the sake of their children and grandchildren.
Supporting ones children is a hard habit to break. So when Mom and Dad see their son or daughter low on cash, struggling with unemployment, beset with unexpected hospital bills, or in need, the automatic response is to help out.
Lending cash when one is on a fixed income is difficult though. Many elderly men and women turn to borrowing against the equity on their house or relying on credit cards to get by. Unfortunately, both of these methods lead to trouble! Taking out a second mortgage can easily result in foreclosure and missing a few payments on the credit card quickly develops into hefty credit card debt. The elderly may even go without prescribed medication or scrimp on food in an effort to keep up with their bills.
No one likes the thought of dear old Grandma and Grandpa risking their health and comfortable living during retirement! That’s why it is important that elderly individuals get professional financial advice before it comes to that!
Bankruptcy was designed to give people relief from their debt! Mom and Dad have been taking care of you all your life! It’s probably about time to return the favor. Contact me for a free consultation. Together we will make sure that your elderly loved ones can enjoy their retirement to the fullest!
Commercial and Internet ads for payday loans are a dime a dozen these days. And if you’ve seen one you’ve seen them all. Payday loans all work basically the same way–you write a check (or grant the lender permission to access an electronic account) to cover the money you are borrowing plus the finance charge. This transaction is then held by the lender until your next payday. Of course if you don’t have the money to cover the cost of the loan by your next payday you’re pretty much out of luck!
It is likely this and many other reasons why payday loans are legal in only thirty-seven U.S. states–with our sunny California being one of them. Nine times out of ten the consequences outweigh the benefits of getting a payday loan. And with online payday loans, there is an added risk of fraud. You hear about online scams all the time, and they are definitely something you do not want to happen to you! You need to be careful when giving out financial information in any situation, but be particularly careful when it’s over the Internet to a payday loan service!
If you find yourself struggling to make ends meet a payday loan is probably not your best option. Contact me for a free consultation and we will discuss your financial situation to determine what is the best course of action for you!
While it is in my best interest that you hire an attorney, that is not the only reason why I advise my clients that having one is essential. Filing bankruptcy is not as simple as filling out some paperwork, paying a fee, and sending it all to the court for approval. There’s a lot more to it, which is why bankruptcy attorney, such as myself, exist. We evaluate your situation from a legal perspective, thoroughly discuss all available options with you–the client–and handle all legal matters.
There are many ins and outs when it comes to filing bankruptcy, but bankruptcy attorneys are able to follow the complex system and understand the technical terms involved with ease. Attorneys have studied all the laws and technicalities that go into bankruptcy at length, and having this knowledge makes the process of handling your unique bankruptcy case a simple matter of organize all the details and deciding the right course of action for you.
So, while the law does not require you to have an attorney, I highly recommend it. Another benefit of hiring an attorney who specializes in the field is the speed and efficiency we have to offer. Hiring a bankruptcy attorney saves you the time and frustration of trying to decipher what needs to be done, the order it needs to be done in, and how to solve dilemmas should they arise. Contact me for your free consultation, so that you can concentrate your efforts on getting your life back in order while I take care of the rest!